I'm hoping to get some insight on how everyone figures how much they need/will need for retirement.
I crunched the numbers today for my situation, albeit with many assumptions since I'm still 20-25 years from retirement.
I estimated my FERS pension, social security benefit, potential TSP balance, and estimated my post-retirement income needs.
I then used the Federal Ballpark Estimate calculator on the OPM website which seems useful. https://www.opm.gov/retirement-services/calculators/federal-ball-park-estimator
My pencil and paper numbers coincided very closely with the calculator.
I also played around with this retirement calculator at nerdwallet: https://www.nerdwallet.com/investing/retirement-calculator
Based on all the estimates I seem to be on track to easily replace 70% of my income. I ran all the numbers conservatively, accounted for 3% inflation, and didn't forget about taxes!
My strategy is still to invest as much as I can. I don't know what the future holds.
Does anybody have any additional tips, methods, advice that could help me better visualize my retirement needs?
I crunched the numbers today for my situation, albeit with many assumptions since I'm still 20-25 years from retirement.
I estimated my FERS pension, social security benefit, potential TSP balance, and estimated my post-retirement income needs.
I then used the Federal Ballpark Estimate calculator on the OPM website which seems useful. https://www.opm.gov/retirement-services/calculators/federal-ball-park-estimator
My pencil and paper numbers coincided very closely with the calculator.
I also played around with this retirement calculator at nerdwallet: https://www.nerdwallet.com/investing/retirement-calculator
Based on all the estimates I seem to be on track to easily replace 70% of my income. I ran all the numbers conservatively, accounted for 3% inflation, and didn't forget about taxes!
My strategy is still to invest as much as I can. I don't know what the future holds.
Does anybody have any additional tips, methods, advice that could help me better visualize my retirement needs?